Steel, including zinc-treated steel, is subject to corrosion during storage and transportation. Corrosion can cause such steel to be sold at distressed prices and thus adversely affect steel mill economics. Corrosion-inhibiting formulations, commonly used to minimize such economic losses, utilize kerosene- or other oil-based solutions which make for very messy operating conditions. Moreover, such formulations are environmentally undesirable because of their hydrocarbon content; i.e. they are flammable and they contribute to both air and water pollution. In addition, it may be necessary to remove such corrosion inhibitors before final processing steps are carried out in the steel mill, thereby adding expense to the process. Known water-based formulations reduce or eliminate the water and air pollution and flammability concerns of, and can be more readily removed than, oil-based corrosion inhibitors. However, known water-based corrosion inhibitors typically do not provide enough corrosion protection, and they may contain environmentally undesirable zinc salts and metal chromates. Attempts have also been made to replace oil-based formulations used in stamping mills with dry coatings, however, dry coatings are not readily removed, thus making it difficult and expensive to paint or carry out other processing of steel surfaces.